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Byline: - Staff and Wire Services

Foundation offers kids scholarships

CYPRESS - The PacifiCare Foundation is offering 70 scholarships to Spanish-speaking, bicultural high school students interested in health care careers.

Twelfth-graders with a 3.0 grade-point average and command of both English and Spanish can apply for the $2,000 awards.

Those interested can find applications at www.pacificarelatino.com and www.pacificare.com.

Applicants must be enrolled in a health care program and show proof of acceptance into a higher learning institution. Applications are due by June 30.

Northrop raises its profit outlook

Defense contractor Northrop Grumman Corp. raised its 2005 profit outlook Thursday to include a gain from the sale of shares in former subsidiary TRW Automotive Holdings Corp.

Northrop, the world's largest shipbuilder, said it now expects earnings from continuing operations of $3.60 to $3.75 per share, up from previous guidance of $3.45 to $3.60 per share.

The new outlook results mostly from a gain of $45 million, or 12 cents per share, from the recent sale of TRW shares. The stock sale reduced Northrop Grumman's stake in the Livonia, Mich.-based auto parts maker to 9.9 percent.

The company maintained its sales forecast of $31 billion to $31.5 billion.

Analysts polled by Thomson First Call currently expect 2005 profit of $3.53 per share, about the midpoint of the company's prior guidance, on sales of $31.5 million.

Lockyer sues AFD for security fraud

State Attorney General Bill Lockyer filed a securities fraud lawsuit Thursday against American Funds Distributors, alleging the firm paid brokerage houses to push its mutual funds to clients without disclosing the payments.

The suit was filed in Los Angeles Superior Court just hours after American Funds submitted its own complaint there seeking relief from Lockyer's anticipated legal action.

The company's suit said payments to brokerage houses were fully disclosed under federal law and adds that Lockyer doesn't have jurisdiction to regulate disclosure requirements.

Lockyer's suit, which also names AFD parent company Capital Research and Management, was the fourth he has filed against California brokers in 15 months.

A state statute that took effect on Jan. 1, 2004, gave Lockyer the power to file civil enforcement actions under the state's Corporate Securities Law.

Strike approval vote imminent

ATLANTA - The executive board of UPS Inc.'s pilots union has approved holding a strike authorization vote after protracted contract talks between the two sides broke down, the union said Thursday.

The two sides have been in federal mediated talks since last June but have not been able to reach agreement on issues involving scheduling, scope, compensation, pension and benefits.

A strike authorization vote allows the union to call a strike without polling its members again, but does not mean that a walkout is imminent.

Under the Railway Labor Act, the pilots can't strike while mediated talks are ongoing and no timetable has been set for when the talks will end.

But a spokesman for the Independent Pilots Association, which represents UPS' 2,483 pilots, said the pilots feel they have no choice but to force the issue. Spokesman Brian Gaudet said the results of the vote should be announced by May 12.